90 W Chestnut St - Office FOR SALE


Washington, PA 15301
$9,791,000 USD
303-328-2057
90 W Chestnut St, Washington, PA for Sale
$9,791,000 USD
Office - FOR SALE
1/12
null | 9% Cap Rate

90 W Chestnut St
Washington, PA 15301


HIGHLIGHTS

  • MULTIPLE STRONG CREDIT TENANTS SUCH AS UMPC, & COMMONWELATH OF PA DEPT. OF HUMAN SERVICES
  • MILLCRAFT CENTER IS THE SECOND TALLEST BUILDING IN WASHINGTON INVESTMENT OFFERS VALUE-ADD OPPORTUNITIES TO INCREASE RETURNS
  • STRONG ANNUAL RENT INCREASES FROM OVER HALF THE TENANTS
  • MULTIPLE LONG-TERM TENANTS HAVE LEASED SPACE BEFORE 2000
  • OFFICE IS LOCATED IN THE HEART OF DOWNTOWN WASHINGTON
  • OVER 100,000 PEOPLE RESIDE WITHIN A 10- MILE RADIUS OF BUILDING

OVERVIEW

Marcus & Millichap is pleased to present The Millcraft Center, a 136,683-square-foot mixed-use building located in the heart of downtown Washington, Pennsylvania. As one of the tallest and most iconic buildings in downtown Washington, The Millcraft Center features a main tower standing 9 stories tall, complemented by a 3-story annex. Built in 1977, the property is currently 68.28% occupied, with a diverse mix of over 30 tenants, including both national and local businesses. These tenants represent a broad spectrum of industries such as healthcare, finance, real estate, law, and government services. Notable tenants include UPMC, the Commonwealth of Pennsylvania Department of Human Services, Orkin, Washington Drug & Alcohol Commission, and Liberty Dialysis (DBA Fresenius Health Care). This investment opportunity offers significant upside potential by leasing out vacant spaces, making it an attractive prospect for investors looking to enhance value. Location and Accessibility: The Millcraft Center is centrally located in downtown Washington, providing convenient access for both local residents and commuters. Surrounded by a variety of small-town restaurants and bars, it is also close to several national retailers like CVS, Pizza Hut, Goodwill, Veterans Affairs, AutoZone, and Walgreens. With approximately 10,000 vehicles passing by each day, the building enjoys high visibility. Furthermore, more than 100,000 people reside within a 10-mile radius, offering a strong local customer base. Washington itself is just 28 miles southwest of downtown Pittsburgh and 16 miles east of West Virginia, making it a strategically positioned location. The area boasts a robust demographic profile within the same 10-mile radius. Tenant Mix and Recent Activity: The property has seen a surge in interest, with multiple new leases and lease extensions, underscoring its growing appeal to tenants and workers alike. The combination of a diverse tenant mix, excellent location, and significant leasing potential positions The Millcraft Center as a prime investment opportunity with considerable growth prospects.

FOR SALE DETAILS

PRICE

$9,791,000 USD

PRICE/SF

$72 USD /SF

CAP RATE

9%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

The Millcraft Office Center

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

9

BUILDING CLASS

B

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

155

LAND DETAILS

LAND ACRES

1.63 AC

LAND SF

71,003 SF

ZONING

BID

APN/PARCEL ID

720-001-00-00-0001-02,720-001-00-00-0001-08,720-004-00-00-0006-00,720-004-00-00-0025-00,720-004-00-00-0026-00,720-004-00-00-0027-00,720-004-00-00-0034-00

ASK ABOUT THIS PROPERTY

Carlos CainMarcus & MillichapMore Info
303-328-2057

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Carlos CainMarcus & MillichapMore Info
303-328-2057

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.